[BellevueWa]

I had planned to come down this month but plans changed. I have booked a week the last week of Aug.

I am looking for a couple of 100-125k houses as rentals.

Where do you think the market will be at when I come down in Aug?

[RCCCB]

I don't know if the hyper inflation which would devalue money would hit by then because of all the Obama printing of money.
At some point a $2 loaf of bread will IMO go up to $4 almost over night and I don't know if money being worth less will on it's own drive up home prices.
I think that is a consideration to buy sooner rather than later.
Also some say there are 20k foreclosures coming down the line, others say they are starting to all dry up.
If you want something, better IMO look as soon as you can and don't try and hope to catch the bottom of the market.

I've been trying to get something for a couple of months. Some homes sell well over list, some others drop to lower prices after a few months and don't sell at list.

Check what the comps of recent sales are to see what the real current market is for the area you want to buy for and remember you pay 250% more as a renter in property tax than a resident living in his own home. IMO

[airics]

umm... you pay 250% more??? no you don't... only the cap changes from 3% to 8% and if you are already at the cap, it means nothing..

[jwt8070]

You may want to consider waiting another three months until after November 30 when the $8000 first time home buyer credit expires. I do not believe home price will change dramatically from aug to nov. After nov there likely will be a lot less first time home buyers, which accounts ~50% of home sales today, in the market, so you will have less competition for the homes in your price range.

[Wing Feathers]

Originally Posted by BellevueWa

I had planned to come down this month but plans changed. I have booked a week the last week of Aug.

I am looking for a couple of 100-125k houses as rentals.

Where do you think the market will be at when I come down in Aug?

I predict that you will not be able to buy anything. You will put in offers that will get turned down for being too low.

[horseplayer]

It's more complicated than picking out a couple of houses and coming down to look. You must do all your groundwork first. I would have about 10-20 houses selected. I would then inspect satellite photos and street views to check out the hoods. I would look at assessor records to see what home cost new and what it went for at the bubble. Financing will already need to be approved. Don't waste your time with short sales, don't waste your time on listings that have numerous offers.

[BellevueWa]

Originally Posted by horseplayer

It's more complicated than picking out a couple of houses and coming down to look. You must do all your groundwork first. I would have about 10-20 houses selected. I would then inspect satellite photos and street views to check out the hoods. I would look at assessor records to see what home cost new and what it went for at the bubble. Financing will already need to be approved. Don't waste your time with short sales, don't waste your time on listings that have numerous offers.

Thanks for the comments. I went looking in April for 2 days,which was too short to really see a lot of homes. But it gave me a general idea of what the market is like and the condition of the houses.

I don't need financing so that part of it is not a problem.

i'm just thinking the rising interest rates and higher unemployment may stifle the rebound that everyone is touting.

[RCCCB]

3% TO 8% is about 250% more as a rental compared to owner occupied, isn't it?
Not saying I can't be wrong. :-)

[bradly]

Even better, those housing prices went rock bottom..I dont see the market here in Vegas recovering any time soon. I sure took advantage.
It was a deal I could not resist

[Wing Feathers]

I wouldn't come to town with specific properties in mind. Just look at whatever came on the market that day (within hours) and offer on those. You might have a chance that way.